EX-99.2 3 d529134dex992.htm EX-99.2 EX-99.2
Shareholder Update
May 2013
Exhibit 99.2
Creating Value …
Delivering Solutions


2013 Q1 Financial Summary
2
Q1 Actual
Q1 Budget
Analyst
Consensus
Revenues
$144.0
$144.0
$138.0
SG&A
19.1
19.1
--
Operating
Income
7.7
3.0
--
EBITDA
11.2
5.9
6.3
EPS
$0.57
$0.18
$0.17
In Millions Except EPS


Q1 2013 Commentary
Revenues
Transportation Exceeded Expectations
Federal Off Plan Slightly Due Mainly to Sequestration
Unclaimed Revenue Down Approximately $2.7M from Q4
2012
SG&A On Plan, Despite $1.6M of Costs, Including:
CEO Search Related Fees
Strategic Review Expenses
Severance Costs
Other Unbudgeted Costs
Amortization Expense Down $1.3M from Q1 2012
Utilization Improved to 63%
Strong Balance Sheet --
$79M in Cash and Investments and
No Debt
3


Executive Changes
CEO Stepped Down in December 2012; Chairman
Retired in January 2013
Office of Chief Executive/Operations Committee
Established
COO Stepped Down March 4
CEO Search Ongoing; Korn/Ferry Assisting
4


Shareholder Value
2012 Policies to Deliver Value to Shareholders
Quarterly Dividend –
Increased to $0.18/share
Buyback Authorization
Strategic Alternatives Review Ongoing
Strategic Review of All Operations Ongoing
5


Moving Forward
Business/Project Funding Challenges Remain;
Revenue Decline Will Continue
Excellent Execution With Right-Sized
Organization is Critical
External Issues Creating Some Uncertainty
Priority One –
Meet 2013 Budget
Budget Includes Performance Improvement Plan
Objectives
Focused on Organic Growth Strategies
6


Alternative Delivery
Construction Management
Oil & Gas
Land Development
Organic Growth Strategy
7


2013 Outlook
Core Businesses –
Transportation & Federal Civilian
are Stable
Defense Business Well Positioned once a U.S.
Federal Budget is Finalized
Positioned to Grow in Design-Build, Land
Development, Oil & Gas and Healthcare
Business Right-Sized/PIP Goals Achieved
Strong Cash Flow Expected to Continue
Transportation Ranking Puts us in Position to
Capitalize on Market Turnaround
5
Largest Bridge Designer
16
Largest Highway Designer
8
th
th


2013 Outlook, cont.
Maintaining Market Share with Key
Transportation Clients (PA, NJ, SC)
Growing Market Share in Several States (WI, VA,
KY)
Capitalize on Position As a Key Player in:
Design-Build Market
Floodplain Mapping (FEMA)
Awarded EPA Contract for First Time
RBF Fully Integrated; Cross-Selling has Begun
9


Summary
Actions Taken to Benefit Shareholders
Dividend
Buyback Authorization
Redeemed Shareholder Rights Plan
Chairman Retired/Senior Management Realigned
Stock Ownership Guidelines
Performance Improvement Plan
We Appreciate Your Support
10


Shareholder Update
May 2013
Creating Value …
Delivering Solutions